Greece's Pyrrhic Victories Over the Bond Swap and New Bailout
AbstractNearly two years after becoming the first eurozone member-state to be bailed out by the European Union (EU) and International Monetary Fund (IMF), Greece is officially bankrupt. True, there was never any doubt about the outcome, but Greece’s restructuring of nearly 200 billion euros in private debt and the agreement for a new bailout package signify something much bigger—namely, the formal conversion of a sovereign nation into an EU/IMF zombie debtor, and a doomsday scenario that includes its forced exit from the eurozone.
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Bibliographic InfoPaper provided by Levy Economics Institute in its series Economics One-Pager Archive with number op_28.
Date of creation: Mar 2012
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-20 (All new papers)
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